THE local defence of the Caulfield Cup has weakened considerably after connections of last year's winner Southern Speed bowed to the formidable international line-up and decided to withdraw the mare from the $2.5 million contest.

Southern Speed comes off her worst career performance when she finished at the tail in the Turnbull Stakes at Flemington, but trainer Leon Macdonald said tonight that it was not the mare's form or fitness that bothered her owners when assessing today's race.

''She's got a terrific field of international gallopers up against her this year, she has barrier 14 and the only mare to have won the cup with 54 kilograms is Mannerism and the last horse to win back-to-back Caulfield Cups was Rising Fast, so the owners figured they had the odds stacked against them,'' Macdonald said. ''We'll just wait a week and go for the Cox Plate. That seems the more suitable race.''

Southern Speed and third emergency Ibicenco were the only horses to be withdrawn from tomorrow's race, but a decision awaits tomorrow morning on whether Melbourne Cup winner Americain takes his place, with his connections concerned that the track may prove too hard.

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He has been part of a bigger story all week, but imported galloper My Quest For Peace was making the news himself tonight when his price continued to tumble for the Caulfield Cup.

Bookmakers, who bet as much as $34 on the Luca Cumani-trained horse only a few weeks ago, claimed the import could even threaten for favouritism after reporting that the son of Galileo had firmed into third favourite at $9 after $15 was bet prior to Wednesday's barrier draw.

Racing Victoria stewards will announce tomorrow morning whether Damien Oliver is liable for a winning percentage from My Quest For Peace after he was sacked from the horse following allegations he had an illegal $10,000 bet on the winner of a race at Moonee Valley in 2010.

Oliver shrugged off the controversy on Wednesday to win the group 1 Thousand Guineas aboard Commanding Jewel and bookmakers were tonight tipping that the other horse involved in the Oliver controversy can win also, albeit for replacement jockey Corey Brown.

''There has been a continual stream of money for My Quest For Peace and we think he'll start closer to favourite than double-figure odds by race time,'' Alan Eskander from Betstar said.

Michael Sullivan from Sportingbet reported similar action for My Quest For Peace as well as for Peter Moody's mare Lights Of Heaven, who was also into $9 tonight.

''We've hardly had a bet for either of the favourites [Glencadam Gold or December Draw] with punters zeroing in on My Quest For Peace and Lights Of Heaven,'' he said. ''The overseas form is so strong as shown by Shahwardi last week and from barrier two, punters think My Quest For Peace might be the horse with the best run in the race.''

Matt Tripp went within a millimetre of winning a Melbourne Cup when Bauer was denied in 2008 by Viewed and the owner is taking plenty out of that defeat when assessing his Caulfield Cup chances tomorrow with My Quest For Peace.

''I'm not taking anything away from Bauer because he was a fantastic horse for us, but My Quest For Peace is in a different class altogether to Bauer,'' he said. ''He's an on-pace horse that stays well and if he can get a good passage through at the right time he can certainly win the race.''

Americain's jockey, Gerald Mosse, walked the Caulfield track this morning and did not seem too concerned about the prospect of a hard surface. Rather, he was more concerned that Americain might be a run short of his best.

''This is his preparation race,'' Mosse said. ''He will not be at his best but will run well and we look forward to him improving after that and being ready for the big day.''

Caulfield track manager Jason Kerr put three millilitres of water on the track this afternoon so as to produce a dead (4) track tomorrow morning.